I urge my colleagues to carefully consider this important piece of legislation

The legislation this committee is considering today, the Hoover Power Allocation Act, is the result of extensive negotiations.

The Elko County Board of Commissioners is in unanimous and strong support of the proposed S. 3185

This bill will do two things for Elko County. First: it will convey approximately 300 acres of lands managed by the BLM to Elko County to be used as a dedicated motocross facility.

My legislation provides space for appropriate residential and commercial development, as well as for traditional uses.

We appreciate you holding this hearing today.

How do you justify taking BBB-rated products, repackaging them, and getting the rating agencies to re-rate those as AAA-rated products?

I think it is one of the reasons that I believe very strongly we need to fix the markets, we need to have a lot more transparency.

And Goldman obviously recognized that there was some significant risk with that particular product, and that is why they sold them short, correct?

I hope that is what the financial regulatory reform focuses on.

One of the clarifying points is even if Goldman Sachs did not make it, the executives did.